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U.S. Should Let U.K.'s Housing Market Serve As A Warning

May 18, 2005, 6am PDT

Skyrocketing real estate prices in the U.S. could soon fall, a situation the U.K. is already facing.

"While economists disagree on whether the U.K. is experiencing a temporary lull or the beginning of a housing bust, buyers there seem to be waking up to the idea that double-digit price gains can't last forever. Prices overall have been flat, with small increases in some areas and declines in others...

"My sense is that the U.K. market is two or three years ahead of the U.S. market," said Calverley. Every market has its own dynamic, but there are lessons to be learned from what's playing out across the pond."